Thailand third most unequal country in world

Thailand third most unequal country in world

Credit Suisse's Global Wealth Report 2016 identifies the most unequal countries in the world with Russia #1, India #2 & Thailand #3.

ECONOMICS & WEALTH

Thailand third most unequal country in world

Russia is the world’s most unequal country, with 74.5 per cent of the country's wealth controlled by 1 per cent of the people.

India is next at 58.4% and then Thailand is the third most unequal country in the world at 58%.

Wealth has grown quite a lot in Thailand despite the great inequality, from an average of $3350 in 2000 to $8391 in 2016 (see table at the bottom of the page).

Indonesia and Brazil followed with about 50% of the wealth controlled by the top 1%

Credit Suisse’s Global Wealth Report 2016 makes these findings and more (download the reports for free here).


GROWING INEQUALITY WORLDWIDE

Worldwide there was a trend of growing equality up until the 2008 crisis but the world has been becoming more and more unequal since that crisis

Asia-Pacific wealth is now greater than North American wealth for the first time in history.

Stronger economies and booming real estate markets were the drivers behind this wealth increase.

Total global wealth rose 4% percent to $58.7 trillion with European wealth rising 4.8 percent to $13.6 trillion.

The wealth of Latin America and Africa both fell.

A whopping 1.1 billion adults in Africa or India fall into the bottom 50% of global wealth.

Together, Africa, India, and the Asia-Pacific account for 72% of the bottom billion by wealth.

WEALTH BUILDING

Japan and the U.S lead the world in wealth-building.

Brexit, the British decision to leave the EU, caused the British pound and British wealth to fall significantly.

In Southeast Asia, Singapore still leads the pack but has fallen a little:

"Personal wealth per adult grew strongly in Singapore up to 2012. Since then, however, it has risen only slowly in domestic currency units, and declined a little in terms of US dollars (USD). Despite this drop, average wealth remains at a high level – USD 276,900 per adult in mid-2016, compared to USD 112,800 in 2000."

Indonesia has also been doing well:

"Indonesia recovered well from the 1997 – 1998 Asian financial crisis, and in rupiah, wealth per adult has risen six-fold over the 2000 – 2016 period as a whole. Seen in domestic currency terms, the global financial crisis had little effect on wealth, and net worth has risen fairly smoothly since 2008, at an average annual rate of 5.9%. However, exchange rate depreciation totaling 46% since 2011 has caused wealth per adult to decline in USD terms. Despite this setback, wealth per adult  in USD has quadrupled since the year 2000."

http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD6F2B43-B17B-345E-E20A1A254A3E24A5

http://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=AD783798-ED07-E8C2-4405996B5B02A32E

http://bangkok.coconuts.co/2016/11/29/richest-1-percent-thais-own-58-percent-countrys-wealth

https://www.statista.com/chart/6908/the-worlds-most-unequal-countries/

http://www.thailand-business-news.com/business/55159-thailand-top-5-worlds-unequal-countries.html

http://www.straitstimes.com/business/economy/singapores-wealth-per-adult-rises-14-in-2016-continuing-trend-of-slower-growth

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Vocabulary

  • account for: to be a particular amount or part of something -
  • annual: happening every year - ทุกๆปีด, ประจำปี
  • average: an amount calculated by adding several amounts together, finding a total, and dividing the total by the number of amounts - เฉลี่ย, ค่าเฉลี่ย
  • booming: suddenly increasing in trade and economic activity - เฟื่องฟู
  • compare (verb): to show or state that somebody/something is similar to somebody/something else - เปรียบเทียบ
  • control: To exercise restraining or governing influence over; to check; to counteract; to restrain; to regulate; to govern; to overpower - จัดการ, ควบคุม
  • crisis: a situation that has reached and extremely difficult or dangerous point - ช่วงวิกฤต
  • crisis: an urgent, difficult or dangerous situation - วิกฤตการณ์
  • currency (noun): the system of money, usually, but not always, that a country uses - เงินตรา
  • decision (noun): a choice or judgement that you make after thinking and talking about what is the best thing to do - การตัดสินใจ
  • decline: becoming less - การลดลง
  • depreciation: decrease in the value of a currency -
  • despite (prep): used to show that something happened or is true although something else might have happened to prevent it; used to show that somebody did not intend to do the thing mentioned - ถึงอย่างไรก็ตาม, ทั้ง ๆ ที่
  • domestic: relating to a person's own country - ภายในประเทศ
  • driver (noun): something that causes other things to happen (example: a driver of economic growth) -
  • exchange rate: when you change one currency or money into another currency, how much you get - อัตราการแลกเปลี่ยนเงินตราระหว่างประเทศ
  • fairly: to some degree, but not completely or extremely - พอควร
  • financial: involving money - เกี่ยวกับเงิน, ทางการเงิน
  • fold: by this many times -
  • global: throughout the world - ทั่วโลก
  • history (noun): all the events that happened in the past - ประวัติศาสตร์
  • in terms of (verb): measured by -
  • inequality: a situation in which people are not equal because some groups have more opportunities, power, money etc than others - ความไม่เสมอภาค
  • net worth: the value of all your property, possessions, and money after you remove what you owe - มูลค่าของทรัพย์สินทั้งหมดหลังจากลบออกหนี้สิน
  • period: a particular length of time - ระยะเวลา
  • personal: your own; not belonging to or connected with anyone else - เป็นส่วนตัว
  • quadruple: increase in size so that it is 4X larger -
  • rate: the level or speed at which something happens or changes, or the amount or number of times it happens or changes in a particular period - อัตรา
  • real estate: property - อสังหาริมทรัพย์
  • recover: to become healthy and fit again after an illness or injury - การฟื้นไข้
  • remain: to still be present after the other parts have been removed, used, etc; to continue to exist - ยังเหลืออยู่
  • setback: something that happens which delays or prevents a process from advancing - การหยุดยั้งการก้าวหน้า,ความล้มเหลว,การถอยหลัง
  • significantly: in an important way - อย่างมีความหมาย, อย่างสำคัญ
  • smoothly: happening or continuing without any problems - โดยไม่มีปัญหา
  • total: including everything; being the amount or number after everyone or everything is counted or added together - ทั้งหมด
  • trend: a gradual change or development that produces a particular result   - ทิศทาง แนวโน้ม
  • unequal (adj): not equal; in which people are treated in different ways or have different advantages in a way that seems unfair - ไม่เท่ากัน, เหลื่อมล้ำ, ซึ่งไม่เท่าเทียมกัน
  • wealth: a large amount of money, property, etc. that a person or country owns - ความมั่งคั่ง
  • whopping (adj): very large - ใหญ่โต
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